Franklin Templeton MF has offered clarification and an unconditional apology to SEBI. This comes after the market regulator took note of certain media reports on May 7 and advised FT MF to focus on returning money to unit holders of its six closed debt schemes.
Some media reports had said that the fund house feels tightening of norms for investment in unlisted debt by SEBI was one of the factors that added to pressure on the fund house’s debt schemes and resulted in their closure.
Now, FT has clarified to SEBI that the media articles have quoted Jenny Johnson, President and CEO, Franklin Templeton, out of context and it diluted the essence of her response.
“In response to a question regarding the winding up of six schemes offered in India, Ms Johnson provided general background concerning FT’s experience in Indian market as it existed before covid-19. The reference to the regulations around unlisted securities was intended to be part of these background statements to provide context to an audience unfamiliar with Indian markets,” FT MF said in a press statement.
Further, the fund house said that they “deeply regret any unintended slight this may have caused to the estimated offices of SEBI whom we have always held in the highest regard and unconditionally apologize for the same.”
